Other significant players in the music industry told us they’d been informed Believe was for sale at the right price – but that their own valuations of the business didn’t match those they’d been presented with.

Although firm in his view that Nikkei’s Sony acquisition story is untrue, Ladegaillerie (pictured) admitted that additional discussions over Believe’s future had occurred as part of the company’s fundraising activities.

He told MBW: “Believe has not excluded discussions with potential strategic partners that understand changes in the artist and label market and share [our] values of service, fairness and transparency.”

Believe’s management team, including Ladegaillerie, is understood to currently own approximately a third of the company, with investor TCV owning a further 33%.

The final portion of Believe is owned by other investment funds.

It’s a shareholding structure which would naturally change should additional investors come on board.

“Believe has not excluded discussions with potential strategic partners that understand changes in the artist and label market and share [our] values of service, fairness and transparency.”

Denis Ladegaillerie, Believe

Believe is also understood to be considering an IPO – potentially on the Paris stock exchange – as a solution to its money-raising objectives.

Paris-born Believe Digital was founded in 2004, running both a global online distribution/services arm and an in-house record label, Believe Recordings.

The company significantly increased its distribution market share with the acquisition of TuneCore in April 2015.

Music Business Worldwide

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